The research reveals that over a third of UK business decision makers are kept awake at night worrying about their business. Respondents stated they lost an average 5.27 hours every week, which is the equivalent to 34 nights of sleep every year.
The poll was commissioned to mark the launch of a series of ‘Fifteen Minute Business Fixes’ clinics on Heathrow Express trains, which enables its passengers – 70 per cent of whom are business travellers – to get advice from successful business leaders on the move to ensure their business is ready to face the year ahead.
Factors for Success
In terms of the factors that contribute to a business’s success – therefore helping reduce the hours of lost sleep – having a dedicated work force was deemed the most important, followed by a sense of professionalism and strong leadership.
One in ten respondents appear to buy into the image of the business world being cut-throat, stating they believe ruthlessness contributed to their personal business success, while 7 per cent say it was due to ‘a lack of personal life’.
However, a much higher amount of respondents attribute their business success to their ‘personable nature’.
The research revealed the top ten challenges faced by UK businesses going into 2016. Weathering the economy topped the list, followed by the rising cost of overheads and finding qualified staff.
Given the right support and advice to combat the challenges that running a business brings, respondents estimated they could increase their turnover by an average 36.3 per cent, which equates to a collective increase in earnings of £580 billion every year.
Having a business mentor to turn to can guide people onto their own path to business success and help them to overcome the challenges their business is facing.
Nearly half of respondents feel that sharing advice is integral to the success of the UK business community and a quarter believe that having a business mentor is very important. However, only one in ten actually has a mentor themselves.
Speaking about the need for mentoring BBC Dragons’ Den Sarah Willingham said: “The best bit of business advice I received was to always surround yourself with brilliant people – embrace other people’s experience, don’t be intimidated by it – and this has stuck with me throughout my career. I definitely don’t believe you have to be ruthless to succeed in business; I’m much more in the camp of those who think a personable nature will get you far – that and a lot of drive and passion!
“I do think having a business mentor – someone you respect, admire and, most importantly, trust – is tremendously important. I can’t tell you how much this has helped me over the years; it really helps you develop as a businessperson and stay on the road to success.”
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